Coating Materials Market size is forecast to reach $160.25 billion by 2025, after growing at a CAGR of 4.62% during 2020-2025.Coatinghas mostly double uses to protect the substrate and to be decorative. The most common use of coating items is to avoid corrosion of steel and concrete. Another common usage is to make the material less fire or other hazards sensitive. Increasing use of coating materials in various end use industries due to its critical properties and to create a protective barrier against deterioration of the surface in reaction with its environment will further accelerate the growth of Coating Materials Industry in the forecast era.
By Material Type – Segment Analysis
Pure metal is widely used in Coating Materials Market. An unprotected metal can rust and corrode due to environmental exposure owing to which coating is applied to metal in order to protect the metal and reduce wear and tear. Coating provides supplementary layer of protection to the metals. A number of coatings that is to be added to metal, and the choice of which type of coating to add is determined by the end use of the metal product. Some types of metal coatings are intended to remove rust, corrosion, dirt and debris from the metal. This is important for outdoor equipment applications, such as warships, heavy machinery, cars, trains, and aircraft. In the working process all of these are exposed to a number of agents that may be harmful, such as gasoline, grease, lubricants and soil. Pure Metal coating prevents corrosion and oxidation. Without a protective surface, the liquids and chemicals to which it is regularly exposed will easily harm the metal of a train or vehicle. Coating the metal protects it from these pollutants, thereby producing a product that is more durable and which lasts longer. Hence, demand of coating materials is foreseen to increase over the forecast era.
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By Coating Type – Segment Analysis
Organic Coating held the largest share in Coating Materials Market in 2019.Organic coatings act as a corrosion barrier between the underlying metal and the corrosive environment. Organic Coating preserves structural stability and provides weather protection, humidity, abrasion, chemical resistance, resilience and cosmetic appearance. Organic coatings are also thick and durable. This coating is focused on carbon containing materials which are usually extracted from refined and modified petroleum products, as well as various solvents, pigments, additives and fillers. Growing demand for organic coatings to be applied to the surface of many materials, such as metals, woods, plastics and concrete, is anticipated to increase the market for coating materials in the near future in order to improve their surface properties as well as shield them from the effects of the environmental factors.
By Thinner Type -Segment Analysis
Mineral Spirit is the most commonly used thinner in the Coating Materials Market. Mineral spirit is a distilled, petroleum-based solvent that improves effectiveness while reducing odor, volatile organic compounds (VOCs), and toxicity overall. Mineral spirit has sufficient characteristics of flash point and instability, due to which these materials are ideal for use as a solvent and paint thinner. The mineral spirit is commonly used by art professionals as a replacement for turpentine for art thinning and paint brushes cleaning. Owing to low cost, and less offensive odor, mineral spirit is used for paint thinning. Mineral spirit is also used for machine washing and degreasing, and acts as a lubricant for reaming of screw threads. Also, Mineral spirits are excellent for the cleaning of painting rollers, brushes, and paint guns. It often aims to lower the viscosity of solvent-based coatings.
By End Use- Segment Analysis
The architectural industry held the largest share in the Coating Materials Market in 2019 and is projected to grow at a CAGR of 4.81% during the forecast period 2020-2025. Coating materials are one of the most commonly used construction materials and are the focal point of many people employed in this field. It is constantly being built by many researchers and architectural developers to achieve the sustainability dimension inside the buildings. Construction and maintenance of buildings and structures require a large number of coating materials. Architectural and decorative coatings are the largest market of coating materials. Coating materials are used in the architectural industry for different building environments and act as a protection for exterior walls, internal walls, ceilings, floors, and roof.
Geography- Segment Analysis
Asia Pacific held the largest share with 44% in Coating Materials Market in 2019. Countries such as China, India, Japan, and South Korea are expected to lead the coating materials market, with China accounting for the largest share in the regional demand for coating materials. According to the National Development and Reform Commission and transport ministry in China, under the 13th five-year plan (2016-2020), the Chinese government is planning for infrastructure development of 30,000 km of railway lines and 30,000 km of expressways. Also, according to India Brand Equity Foundation, the Indian government has declared a target of US$ 1.4 trillion on infrastructure in the next five years, including USD 120.5 billion for developing 27 industrial groups, and Indian Railways received allocation under Union Budget 2020-21 at Rs 72,216 crore (US$ 10.33 billion). Hence, all these factors will propel the growth of the market in the forecast period.
Drivers –Coating Materials Market
Increasing use of coatings in electronics
Coatings may be functional, providing electrical, magnetic, optical, mechanical or thermal functions, it may be used in the manufacture of assist coatings, such as those used in the manufacture of circuit boards, which may be protective or decorative. Photo resists, inks or screen able resists, and solders all serve as coatings for the manufacture of microelectronic components such as circuit boards and integrated circuits. Under more strict conditions, electronic coatings are used in a broader variety of coating widths and densities than traditional coatings. In specified clean rooms, both continuous and discrete coating methods’ employing a variety of solvents issued. Also, the importance of polymeric conformal coatings to protect printed circuit boards (PCBs) against functional retardants such as dust, corrosion, moisture and variation in temperatures will lead towards the increase in use of coating materials in electronics sector during the forecast period.
Increasing demand of coatings for food and beverages
Canned foods and drinks are a major part of the global food supply. Consumers expect canned foods and drinks to preserve their taste, texture and color, and to be free from disease-causing pathogens. This is usually achieved by covering with protective resins in the interiors. Food and beverage cans retain their filling flavor and nutritious values for up to many years. Usually, cans are covered with an organic coating that protects the can integrity from contamination effects and prevents chemical reactions between the can’s metal and the product.In order to meet the technical and legal requirements, coatings can withstand production and sterilization processes which can be universally applicable to all types of food and beverage. Coating prevents chemical migration of food in quantities that endanger human health and adhere to the can even after unintentional deformation. In addition, it also resists aggressive food types and protects the metal of the can and preserves the metal of the can.
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Challenges –Coating Materials Market
Effects of solvents in coating
Solvents remove or dissolve the binders and reduce the viscosity and thickness of the coating. Solvents used in formulations of coatings are harmful because they are human carcinogens and are either flammable or explosive. Most solvents used in a coating evaporate when the coating cures, which creates emissions of volatile organic compounds (VOC). Given the adverse effects on human health and the atmosphere, volatile organic compound (VOC) emission is increasingly being monitored. A driving force for creating alternatives to emissions control is environmental issues associated with traditional materials, coating application techniques, and coating wastes. Due to these reasons, solvent will create hurdle for the coating materials market in the forecast period.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Coating Materials Market. In 2019, the market of Coating Materials Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Coating Materials Market AkzoNobel N.V., PPG Industries Inc., The Sherwin Williams Company, Axalta Coating Systems, KANSAI PAINT CO., LTD., Nippon Paint Holdings Co. Ltd., JOTUN, RPM International Inc., Tiger Drylac U.S.A. among others.
Asia Pacific dominates the coating materials market due to its increasing use of organic coatings as corrosion protection in architectural Industry.
Rising demand in the food & beverage industry for fresh and uncontaminated food will propel the market growth for coating materials during the forecast period.
Solvents along with essential properties can also bring negative qualities such as toxic effects of emitted organic solvents which in the immediate future can create hurdles in the market development.
Coatings sector faced the prospect of a deep recession triggered by the effects of lockdowns slowing the spread of the novel corona virus (COVID-19) across most of the world. Many stores were shut down and consequently, the market for coatings practically plummeted in many places for a period of time.
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